AUDCHF: Possible Buy Opportunity from Support

What should we note? The market is in a downtrend. The price bounced from one of a support zone. The price reversal was confirmed by RSI and MACD histogram. We also got a trend reversal signal based on a bullish divergence. What does it mean?

It means that the market will be able to move upward soon. In order to get more bullish signals confirming the upward movement, it will be good to wait for breakouts above the local downtrend line and 0.65000 resistance level. The price moved far away from SMA100, and the movement to this MA will be logical. It will give us a new buy opportunity.

If the price drops below 0.64355, we should be ready to see the continuation of the downtrend. Selling below 0.64355 won't be a good idea, but reversal signals from lower support zone will be able to prove interesting buy opportunities.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.